Led by German Gref, Sberbank intends to boost the share of foreign revenues by 20 times.
Photo: Dmitry Dukhanin
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Sberbank Aims at Top 10
Sberbank counts on advancing to the Top 10 list in the nearest five years, intending to attain this purpose by widening the international presence. The bank will have to step up borrowing, the analysts speculate.
“In the following five years, we face the task of becoming one of ten biggest financial institutions of the world in terms of capitalization,” said Sberbank Senior Vice President, Board Member Denis Bugrov.
According to Reuters (to which Bugrov actually referred), Sberbank rates No. 17 in capitalization today. The bank intends to attain the target for account of “respective global presence,” including by buying the banks overseas. Billions of dollars will be appropriated to the effect, Bugrov specified.
So far, however, foreign activities yield less than 1 percent of Sberbank revenues. The plans are to widen the share to 20 percent by January 1, 2014. Sberbank is eyeing both corporative and retail businesses overseas, Bugrov said.
Under the estimate of Kommersant Dengi (Kommersant Money), Sberbank had 667 billion rubles in own capital as of January 1, 2008, while its net assets equaled 5 trillion rubles. The bank has subsidiaries in Kazakhstan and Ukraine, its presence in India has been decided already and they are considering operation on the markets of China, Vietnam, South-East Asia and Eastern Europe.
www.kommersant.com
All the Article in Russian as of Apr. 07, 2008
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